The UK economy hit a four-month expansion after dipping to a growth of 0.8% in May, down from 2% in April and 2.4% in March.
- UK GDP is now 3.1% below those of the pre-pandemic levels in February 2020.
- The services sector was the leading contributor to economic growth, with an expansion of 3.2% in May.
- The production sector jumped by 0.8%, with electricity, gas, steam, and air conditioning supply leading growth by 5.7%.
- Manufacturing remained unchanged, while the construction sector contracted by 0.8%, but was the only one to hit the pre-pandemic levels.
UK’s GDP has now expanded by 3.6% over the three months to May on strong retail sales due to economic reopening.
FTSE 100 is up +0.74%, GBPUSD is up +0.36%Source: Office for National Statistics